Catalyst to speed up this prediction:
"The central narrative of this year's annual world insurance sigma is the continued rise of the emerging markets, mostly emerging Asia and China in particular, as the main drivers of industry growth. From 11% in 2018, China's share of global premiums will rise to 20% by 2029. China remains on course to become the world's biggest insurance market by mid-2030s. The whole of Asia-Pacific will account for 42% of the global premiums by 2029."
Quote from "sigma 3/2019: World insurance: the great pivot east continues" by Swiss Re July 2019
China has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations. Revisions to the regulations on foreign-invested insurance and banking firms have been authorized by the State Council, a statement said Tuesday.